Financial News reports that ABN Amro has been appointed as adviser to Spanish group Iberdrola as it bids $20.8bn for Scottish Power. The Dutch firm stepped in after Morgan Stanley stepped down. The Wall Street giant is conflicted as it acts as Scottish Power's corporate broker, and has been advising the company on defence strategy.
Rothschild is said to have appointed one of its youngest-ever managing partners, after hiring 36-year-old Vincent Danjoux, who has worked for a raft of high profile French corporates. Financial News says that the blue-blooded firm's youngest managing partner was Gregoire Chertok, who made it aged 33. He now works for the French government, advising on economic policy.
Former Enron chief financial officer Andrew Fastow, 44, is said to have been assigned a home by the US Bureau of Prisons. According to The New York Daily News, Fastow, who got banged up for 6 years, is being detained in the Federal Detention Center in Oakdale, Louisiana, about 200 miles northeast of Houston.
Bloomberg reports that Mark Sutton, the head of UBS's US operations, is to step down after just 16 months in the role. Sutton, 55, is said to be leaving to 'pursue a range of other business opportunities and personal interests'. Sutton will be replaced by Robert Wolf, currently the chief operating officer at UBS Investment Bank. He will continue to report to investment banking CEO Huw Jenkins. Bloomberg quotes Bear Stearns analyst Christopher Wheeler, who said that 'the (UBS) investment bank is not firing on all cylinders and a big focus is on how they improve their position in the US. They probably feel that Huw is better positioned to lead that effort'.
Finally, US lawmakers and regulators are beginning to realise that one impact of the 2003 Sarbanes-Oxley Act has been a reluctance of business to list or incorporate in the US. According to The Times, Section 404 of the Act, which forces executives to be responsible for the accuracy of their company accounts, is to be re-written.